At my mortgage closing I only wanted to put the minimum required down payment.. Is it too late to put more? (Howe: loans, new home)

[Texas6023]

At my mortgage closing I only wanted to put the minimum required down payment.. Is it too late to put more? As in can I make a lump some payment or does it have to be in increments per month?

[texasroots77]

You should be able to make a lump sum. Make sure you specify for it to go toward principle. However this will not change your monthly payment but will end up paying it off much sooner. Congratulations on your new home.

[dd1153]

make sure you can source these funds

if you make these changes within 7 days of closing it can delay your closing date by 3-4 days due to TRID guidelines. make your realtor/loan officer/title company aware you are doing this.

[Texas6023]

I've already closed. I didn't want to make any changes until I closed for the reason of delaying anything. Thanks


And thank you Texasroots. And why do neighbors seem to try to control how I should and shouldn't do things around my home?

[Restrain]

Because they think they can. You always have busybodies trying to stick their noses into your business. But unless you live in a development with a HOA, just tell them to stick it.

[dd1153]

some lenders allow recasting of loans depending on how large of a lump sum you're looking to put down, you might want to check that out

[chris_ut]

Originally Posted by Texas6023

And thank you Texasroots. And why do neighbors seem to try to control how I should and shouldn't do things around my home?

Because their house is probably their largest investment and they don't want people driving down their property values. That or they are busybodies with nothing better to do.

[rusty2006]

You can always pay more. Just write the check for more on your next payment. Been doing it for years. They'll keep track of it. The nice part is, the extra all comes out of the principal. You'll see the new balance on your next statement.

[Lowexpectations]

Originally Posted by dd1153

some lenders allow recasting of loans depending on how large of a lump sum you're looking to put down, you might want to check that out

This. A lot of people aren't aware of this option but many lenders, often for a fee will reamoritize your loan which depending on the size of your lump sum payment will adjust your future payments down

[Texas6023]

Well I don't need a smaller monthly payment. I never pay the minimum.

And I been paying 4 times the monthly payment but wanted to pay more. Not every time but this was money I had saved up for the down payment but just paid what was required at the time just in case I needed money elsewhere.